Guldbrev (GULD) Q3 2025 earnings summary

Executive summary

• Achieved strong growth and profitability in Q3 2025, reflecting a scalable digital business model and effective market expansion across the Nordics.

• Customer volumes and received gold increased steadily, supported by successful marketing campaigns and improved operational efficiency.

• Entered a new phase post-listing on Nasdaq First North, with a focus on further value creation and expansion, including ongoing testing in the German market.

Financial highlights

• Q3 2025 net revenue rose 124% year-over-year to 103.5 MSEK; EBITDA up 148% to 28.0 MSEK.

• Q3 operating margin reached 25.3% (up from 20.4%); net income after tax increased to 20.9 MSEK (from 7.5 MSEK).

• YTD 2025 net revenue up 138% to 283.6 MSEK; EBITDA up 169% to 76.0 MSEK.

• YTD net income after tax increased to 55.9 MSEK (from 17.6 MSEK); operating cash flow YTD at 50.5 MSEK (from 14.7 MSEK).

• Maintained strong liquidity with 9.9 MSEK in cash at quarter-end.

Outlook and guidance

• Focus remains on broadening marketing, developing digital platforms, and strengthening brands in core and new markets.

• German market expansion continues on a small scale, with ongoing optimization and long-term evaluation.